How to Get a Personal Loan without a Salary Slip in India?

The State Bank of India, or SBI, is a first-rate public zone financial institution in India that offers a wide variety of financial services and products, together with personal loans. Personal loans from SBI may be used for several purposes, including funding clinical emergencies, wedding costs, and home rennovations.

The SBI personal loan interest rates are competitive and are determined utilising quite some factors such as the borrower’s credit rating, earnings degree, employment reputation, and mortgage quantity. As a result, SBI personal loan interest rates begin at 9.60% per annum, which is one of the market’s lowest costs. Pension loans with a maximum limit of Rs 14 lakh and repayment terms of up to 7 years are also available from the bank. Furthermore, SBI provides pre-approved personal loans with quick loan disbursement.

SBI Personal Loan That Requires Salary Slips

Xpress Credit Scheme: It is a popular personal loan scheme offered by SBI, with interest rates ranging from 11.00% to 12.50% for term loans. The loan amount ranges from Rs. 25,000 to Rs. 20 lakhs, with a tenure of 7 years. With a minimal earnings requirement, each salaried and self-hired person will have the loan.

Xpress Elite Scheme: Another personal loan scheme offered by SBI, the Xpress Elite Scheme, has an interest rate of 11.00% to 11.50% for salary account holders and 11.25% to 11.75% for savings account holders with other banks. The loan amount is limited to Rs. 15 lakhs, and the repayment period is limited to 5 years. With a minimum income requirement, the loan is available to both salaried and self-employed individuals.

SBI’s Xpress Lite Scheme: It is a personal loan scheme with an interest rate that is 1% higher than the Xpress Credit Scheme for all applicants. The loan amount is restrained to Rs. 5 lakhs, and the compensation length is restricted to five years. With a minimum income requirement, the loan is available to each salaried and self-employed people.

SBI Personal Loan That May Not Require Salary Slips

State Bank of India offers the following types of personal loans:

SBI Pre-Approved Personal Loan: This is a pre-permitted personal loan that SBI savings account holders can access through the SBI YONO App. It is a pre-accepted loan offer made available to eligible clients at once primarily based on their credit score records and different factors. The bank determines the loan amount and interest price, and the loan  can be received with minimum documentation.

Personal Loan SBI Xpress Credit: SBI Xpress Credit is a personal loan scheme available to SBI salary account holders to meet their personal financial needs. This scheme allows for loans of up to Rs. 20 lakhs with terms ranging from 6 months to 6 years. This scheme’s interest rate ranges from 11.00% to 12.50%.

SBI Real-Time Xpress Credit Personal Loan: This fully digitised personal loan scheme is available 24 hours a day, seven days a week, through the SBI YONO app. Customers with government or defence wage packages who have been pre-approved for a personal loan are eligible for this loan. The loan amount and interest rate are fixed, and the loan can be disbursed quickly and with minimal paperwork.

SBI Quick Personal Loan: It is a personal loan scheme for all salaried individuals who do not have an SBI salary account. This scheme allows for loans of up to Rs. 20 lakhs with terms ranging from 6 months to 6 years. This scheme’s interest rate ranges from 10.50% to 16.60%.

SBI Pension Loan: This is a personal loan program available to Central and State Government pensioners, Defence pensioners, and family pensioners who receive their pension through SBI branches. This scheme allows for loans of up to Rs. 14 lakhs with terms of up to 7 years. This scheme’s interest rate ranges from 9.75% to 10.45%.

Documents Required

SBI may require additional documents to process a personal loan application. These may include:

For Salaried Employees:

●        Form 16 or Income Tax Returns (ITR) for the last 2 years

●        Salary slip or salary certificate for the last 3 months

●        Appointment letter or proof of employment

For Self-Employed Individuals:

●        Proof of business existence (certificate of registration, GST registration, etc.)

●        Business profile and previous year’s income tax returns

●        Bank statements for the last 6 months

For Pensioners:

●        Pension Payment Order (PPO)

●        Bank statement showing pension transactions for the last 6 months

●        Proof of age

Are Salary Slips Important to Get a Loan?

A salary slip is commonly an essential document that is required while applying for a personal loan. Some lenders, including SBI, may provide private loans without requiring a salary slip. In this case, you will have to provide alternative resources of income proof, along with bank statements, Form 16, Income Tax Returns, or a letter out from your organisation confirming your employment and income. To grow your chances of approval, you should also have a good credit score rating and a positive employment record. Before applying for a personal loan without a salary slip, make sure to check the eligibility criteria of the bank.

Is it Possible to Get a Loan Without a Salary Slip?

It can be difficult to obtain a personal loan in India without a salary slip as it is an important record that demonstrates a borrower’s financial stability and repayment ability. Some lenders, however, may still consider borrowers who do not have a salary slip. In such cases, alternative documents, such as bank statements, income tax returns, or a letter from the applicant’s employer stating the applicant’s salary and employment status, may be required. Personal loans without salary slips may also have higher interest rates than regular personal loan interest rates.